Broker Check

Planning for Your Wealth and Retirement Strategies with Life Insurance

| September 28, 2020

Bought or sold a house this year? Planning to downsize or retire? These are all questions to consider
as you form yourfinancial strategies for the upcoming year and beyond. In addition to the death
benefit that can be provided with a whole life insurance policy,the cash value that builds up can serve
as a source of funds for various opportunities or needs that can spring up.1,2

Being a new homeowneris exciting but can also come with a long list of expenses. Whole life insurance
is a tool that can be used for its built-up cash value when you might need it. Read this Living
Confidently article that discusses a few ofthe potential hidden costs of homeownership.

Some individuals may be ready to finally empty their nest and are ready to plan for their new chapter as
a retiree. It’s no secret that Social Security benefits may not be sufficientto cover all your costs. This
infographic is a useful resource to see the benefits of owning a whole life insurance policy as a means
to help you in your retirement years.

Consider the value a life insurance policy can add to your overall portfolio when it comes to your
wealth and retirement strategies. Connect with a financial professional at Wealth Strategies to
learn more.

1Some whole life policies do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year.
Talk to yourfinancial representative and refer to your individual whole life policy illustration for more information.
2Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans
and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any
outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract
(MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable
withdrawal may also be subjectto a 10% federal tax penalty.